Investment Executive regularly lists notable developments in Canada’s investment product landscape. Here are some newly released funds as well as a change to an existing ETF.
- TD Asset Management Inc.’s TD Global Carbon Credit Index ETF (TSX: TCBN) started trading Aug. 30. The fund will track the performance of the Solactive Global Carbon Credit CAD Hedged Index, which measures the investment return of global cap-and-trade carbon emission credits, TDAM said in its fund overview. The management fee is 0.65% and the risk rating is high. “Carbon credits have emerged as an important alternative asset class by putting a price on carbon and creating a market in which companies can trade emissions permits,” TDAM CEO Bruce Cooper said in a release. Other fund manufacturers, including include Horizons ETFs Management (Canada) Inc. and Ninepoint Partners LP, have also released carbon credit products with the expectation that carbon allowances will become more expensive as governments impose restrictions to limit emissions.
- Equitable Life Insurance Company of Canada has added 12 segregated funds to its Pivotal Select Investment Class (75/75). The new funds, available as of Monday, are a mixture of sustainable investments and index funds, as well as specialty asset classes such as infrastructure, real estate and emerging markets. The following funds are now available:
- Equitable Life S&P/TSX Composite ESG Index Fund Select
- Equitable Life S&P 500 ESG Index Fund Select
- Equitable Life NASDAQ 100 ESG Index Fund Select
- Equitable Life ClearBridge Sustainable Global Infrastructure Income Fund Select
- Equitable Life Fidelity Climate Leadership Balanced Fund Select
- Equitable Life Fidelity Climate Leadership Fund Select
- Equitable Life Fidelity U.S. Focused Stock Fund Select
- Equitable Life Fidelity Global Innovators Fund Select
- Equitable Life Dynamic Global Real Estate Fund Select
- Equitable Life Dynamic Asia Pacific Equity Fund Select
- Equitable Life Mackenzie Emerging Markets Fund Select
- Equitable Life Bissett Core Plus Bond Fund Select
- Evolve Funds Group Inc.’s U.S. High Interest Savings Account Fund (TSX: HISU.U) began trading on Wednesday. The initial interest rate is the Fed upper rate +0.20%, which currently totals 2.70%. Until Dec. 31, the management fee for the ETF and Class F and I of the mutual fund is 0.05%, after which it will rise to 0.10%. The fee is 0.30% on the Class A mutual fund because it includes the 0.25% trailer, an Evolve Funds spokesperson said. The risk rating is low.
- The name of the underlying index for the Invesco Senior Loan Index ETF has changed after Morningstar Inc. acquired the index from S&P Dow Jones Indices. Invesco Canada Ltd. said the index, which is designed to track the market-weighted performance of the largest institutional leveraged loans, is now called the Morningstar LSTA US Leveraged Loan 100 Index. No changes were made to the methodology. The ETF normally invests at least 80% of its assets in the component securities of the underlying index. The ETF is not sponsored, endorsed, sold or promoted by Morningstar.
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